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DASH Technical Analysis – Support Levels in Play – 07/09/18

Bob Mason
Updated

Key Highlights

  • DASH rose by 3.04% on Thursday, partially reversing Wednesday’s 19.93% slide, to end the day at $178.77.

  • A start of a day intraday low $159.42 saw DASH steer clear of the first major support level at $156.21 before recovering to $170 levels within the first hour.

  • Range bound through the rest of the morning, an afternoon move saw DASH break through to $180 levels, with an intraday high $180.89 before easing back to $178 levels by the day’s end.

  • The moves through the day continued to reaffirm the extended bearish trend formed at late April’s swing hi $547.97

How to Buy DASH

DASH Price Support

DASH gained 3.04% on Thursday, partially recovering from Wednesday’s 19.93% slide, to end the day at $178.77.

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Wednesday’s sell-off continued into Thursday, with DASH sliding to an intraday low $159.42, holding above the day’s first major support level at $156.21 before bouncing back to $160 levels.

Upward momentum through the morning, following a choppy start to the day, saw DASH hold on to $160 levels to test resistance at $170 before a late in the day rally kicked in, DASH breaking through to $180 levels with an intraday high $180.89 before pulling back to $178.77 by the day’s end, resistance at $180 pinning DASH back from more material gains on the day.

The late move through to $180 levels left DASH well short of the day’s first major resistance level at $206, with the extended bearish trend formed at late April’s swing hi $547.97 firmly intact, with DASH falling well short of the 23.6% FIB Retracement Level of $229 and $300 levels needed to being forming a bearish trend reversal.

At the time of writing, DASH was down 0.54% to $179.9, with DASH breaking through the day’s first major resistance level at $186.64 to an early morning high $188.97 before easing back to sub-$180 levels, a shift in sentiment across the broader market pinning DASH back from a morning rally.

For the day ahead, a move back through to $180 levels would support another run at the day’s first major resistance level at $186.64 to bring $190 levels and the day’s second major resistance level at $194.5 into play, though for DASH to break out from the day’s first major resistance level, sentiment across the broader market will need to materially improve.

Failure to move back through to $180 levels could see DASH take a bigger hit later in the day, with a pullback through $173 bringing sub-$170 levels and the day’s first major support level at $165.16 into play. Holding above $173 would be key to avoid a material pullback, while we would expect DASH to steer clear of sub-$160 levels and Thursday’s $159.52 low, barring materially negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $165.16

Major Resistance Level: $186.64

Fib 23.6% Retracement Level: $229

Fib 38% Retracement Level: $290

Fib 62% Retracement Level: $388

This article was originally posted on FX Empire

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